BALTIMORE, April 1, 2005 (PRIMEZONE) -- View Systems, Inc. (OTCBB:VYST), a homeland defense solutions provider, today announced year end financial results for 2004, ending December 31st.
According to View System's recently filed 10K revenues for 2004 were $476.319, with a net loss of ($1,186,478) compared to revenues of $569,952 and a net loss of ($2,546,334) in 2003. In 2004, operating expense decreased 34.8% compared to the 2003 year, as a result of streamlining operations to reach profitability. As a result of additional management and other changes made throughout 2004, we recorded a 53.4% decrease in net loss for 2004 compared to the 2003 year and decreased our loss per share from $0.05 for the 2003 year to $0.02 for the 2004 year.
The most significant event for View in 2004 was the license and commercialization of the Hazmat Cam from the U.S. Department of Energy's Idaho National Engineering and Environmental Laboratory, now known as the Visual First Responder (VFR). Already the VFR has become the company's leading selling product line with recent sales to The United States Army, Coast Guard, National Guard and Civil Support Teams.
"Our revenues slightly decreased as a result of corporate restructuring and resources devoted to licensing, manufacturing and distribution of the VFR during the first quarter," stated CEO of View Systems Gunther Than. "Since the first quarter we have realized strong sales for the VFR which will greatly impact the first quarter of 05', possibly equaling 50% of the total sales for 2004. Moving forward our efforts to build a reputable distribution network has resulted in increased sales and will continue to do so. Our distributors have relationships and the market presence to penetrate our targeted audience. We have continued and will continue to cost reduce the SecureScan product to make it more competitive in the people screening market. Budget cycles for this product are long and we have developed greater awareness for the technology in sports and entertainment venues and are getting better results with correctional facilities."
About View Systems, Inc.
View Systems, Inc. provides a broad range of products to law enforcement, military, government agencies, educational facilities, hotels, event and sport venues, and commercial businesses. View Systems has an extensive network of distributors, licensees and strategic alliance affiliates.
Forward-Looking Statements
This press release contains certain forward-looking statements. Investors are cautioned that certain statements in this release are "forward-looking statements" and involve both known and unknown risks, uncertainties and other factors. Such uncertainties include, among others, certain risks associated with the operation of the company described above. The Company's actual results could differ materially from expected results.